Foster & Motley Inc. Increases Stake in Scorpio Tankers Inc. (NYSE:STNG)

Foster & Motley Inc. increased its position in Scorpio Tankers Inc. (NYSE:STNG) by 71.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,078 shares of the shipping company’s stock after acquiring an additional 3,784 shares during the period. Foster & Motley Inc.’s holdings in Scorpio Tankers were worth $647,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its stake in shares of Scorpio Tankers by 970.0% in the second quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock worth $25,000 after buying an additional 291 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in Scorpio Tankers during the third quarter valued at $28,000. Fifth Third Bancorp boosted its holdings in Scorpio Tankers by 319.0% in the 2nd quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock worth $34,000 after buying an additional 319 shares during the last quarter. Quarry LP boosted its stake in shares of Scorpio Tankers by 52.8% in the second quarter. Quarry LP now owns 663 shares of the shipping company’s stock worth $54,000 after acquiring an additional 229 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. grew its holdings in shares of Scorpio Tankers by 34.2% during the second quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock worth $57,000 after buying an additional 177 shares in the last quarter. Institutional investors and hedge funds own 54.64% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on STNG shares. Evercore ISI cut their price target on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Stifel Nicolaus downgraded shares of Scorpio Tankers from a “buy” rating to a “hold” rating and dropped their target price for the company from $90.00 to $65.00 in a report on Wednesday, October 23rd. Jefferies Financial Group reissued a “buy” rating and set a $90.00 price target on shares of Scorpio Tankers in a research report on Tuesday, October 29th. StockNews.com cut Scorpio Tankers from a “buy” rating to a “hold” rating in a research note on Friday, August 16th. Finally, Bank of America decreased their price target on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Scorpio Tankers presently has an average rating of “Hold” and a consensus target price of $78.40.

Scorpio Tankers Stock Down 1.9 %

STNG opened at $55.42 on Friday. The stock has a market capitalization of $2.80 billion, a P/E ratio of 3.97 and a beta of 0.18. Scorpio Tankers Inc. has a one year low of $52.68 and a one year high of $84.67. The business’s 50-day simple moving average is $66.99 and its 200-day simple moving average is $73.39. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21.

Scorpio Tankers (NYSE:STNG) last announced its earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.14. Scorpio Tankers had a net margin of 52.40% and a return on equity of 22.56%. The business had revenue of $267.99 million during the quarter, compared to the consensus estimate of $267.91 million. During the same quarter in the prior year, the firm earned $1.91 earnings per share. The business’s quarterly revenue was down 8.0% compared to the same quarter last year. Analysts anticipate that Scorpio Tankers Inc. will post 11.13 EPS for the current year.

Scorpio Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 22nd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.89%. The ex-dividend date is Friday, November 22nd. Scorpio Tankers’s payout ratio is 11.47%.

About Scorpio Tankers

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of crude oi and refined petroleum products in the shipping markets worldwide. As of March 21, 2024, its fleet consisted of 110 owned and leases financed tanker, including 39 LR2, 57 MR, and 14 Handymax with a weighted average age of approximately 8.1 years.